In March, the online magazine Cobrapost claimed it had evidence that officials at India’s three leading non-state banks were facilitating money laundering. Probes were initiated, staff were suspended and the local press was abuzz.
Now, in the second part of the sting operation, Cobrapost levelled similar allegations against 23 more financial services companies, including public sector banks and insurance companies. Many say the news is less exciting this time. But are they missing something? Continue reading »
Rana Kapoor of Yes Bank
What am I bid for 31 Indian bank branches? A little more today than yesterday, perhaps, given news that upstart Yes Bank could be in the market for the residual retail operation that Britain’s RBS is still trying to off-load, following its decision to shrink the business.
The decision of the fast-growing newcomer to enter the fray may yet come to nothing — but even if it does, the continuing absence of interest from other foreign banks in picking up RBS’s leftovers remains even more intriguing. Continue reading »